Sony sees increased profits on music and movies; Says people are playing games less as COVID-19 restrictions ease
Sony’s profit edged up 3% last quarter, weathering production setbacks from COVID-19 lockdowns in Shanghai and a trend away from video games as pandemic restrictions eased elsewhere.
Tokyo-based Sony’s April-June profit totaled 218 billion yen (about 12.96 thousand crore rupees), up from 212 billion yen a year earlier, the Japanese electronics company said on Friday. and entertainment.
Quarterly sales rose 2% to 2.31 trillion yen (approximately Rs. 37,45,00,000 crore), driven by strong demand across Sony’s music operations, including Harry Styles’ Harry’s House and Doja Cat’s Planet Her.
Among the best performers in cinema was Morbius, a film based on the Marvel Comics hero. But Sony hopes Bullet Train, starring Brad Pitt and slated for release in August, will do well at the box office.
Sony, which makes PlayStation video game consoles, Bravia TVs and Columbia Pictures movies, said sales of its music streaming service increased in the quarter. Despite some concerns about a global economic slowdown, streaming business is expected to remain steady, chief financial officer Hiroki Totoki said.
Sales fell in the video games and technology services sector. One reason was that as restrictions related to the coronavirus pandemic eased, people were playing games less and going out instead, Totoki said.
Additionally, a shortage of computer chips slowed production of Sony’s PlayStation 5 machine.
Sony’s game software sales fell in the last quarter, while software development costs rose. Sony has acknowledged that slower shipments could dampen the momentum of gamer interest in the PlayStation 5. But the company is banking on major game titles slated for release later in the year to boost sales.
Sony said it expects its full-year profit to fall to 800 billion yen (about Rs 47.60,000 crore) from 882 billion yen a year earlier. (about Rs 52.45,000 Crore).
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